Latest posts tagged on "gst"

The tobacco consumption pattern in India is unique. Only 11% of total tobacco is consumed in the form of Legal Cigarettes. The balance 89% is consumed in other forms such as chewing tobacco, zarda, bidi and illegal cigarettes. This is unlike the rest of the world where tobacco consumption is synonymous with cigarettes which account for as much as 90% of total consumption.

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With the Goods and Services Tax (GST) set for rollout in a month, retailers of white goods and electronics are pushing to clear stocks, by offering a range of exciting discounts to potential buyers. As much as 40 per cent discounts on refrigerators, Air conditioners, washing machines, TV sets and other items has been announced by quite a few retail chains, who are looking to empty their inventories and minimize any losses that might come their way before July 1.

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“Job work” means any treatment or process on raw material, intermediate or finished goods undertaken by a person on goods belonging to another registered person.The principal shall, subject to such conditions and restrictions as may be prescribed, be allowed input tax credit on inputs sent to a job worker for job work. The tax shall not be payable, only if the manufacturer and the job worker declare the details of the inputs or goods held in stock by the job worker on behalf of the manufacturer on the appointed day.

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Nutraceuticals and food supplements, which represent a Rs. 30,000-crore market, have been absent from categorisation under the goods and services tax (GST) that's set to be rolled out on July 1, according to people aware of the matter. That could mean they are levied the top GST rate of 28%, up from 18-22% now. "In the absence of differential classification, based on specific parameters, there is risk of several products attracting GST at the higher rate." “Malt-based products like Bournvita, Horlicks, Complan, Boost and AmulPro and other similar products, which are consumed by children, have been placed at 28%.

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The Indian Railways is the 4th largest railway network and the 8th largest employer in the world. A tax invoice shall include a ticket for the supply of services. Suitable changes need to be made in respect of discount/concession given to specified categories of persons and goods transportation so that such relief shall not become part of the transaction value for the purpose of GST. However, in the case of free pass cards, invoice of the same to be prepared by showing 100% discount from normal fares. It may be noted that the ticket should contain prescribed information such as: • name, address and GSTIN of the supplier. • date of its issue. • name, address, and GSTIN/ Unique ID Number, if registered, of the recipient etc. Under the GST, the rate of tax on the transport sector would be 5 per cent. As of now, the railways will have to register each of its 17 zones or 73 divisions in all the states. Yatri Ticket Suvidha Kendra have been appointed or set up by the IR for the facilitation of issuing tickets and rendition of other services.

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